Evans and university form JV to complete deal
PROPERTY investor Evans Property Group has formed a joint venture with the University of York to own and run the new 589-room Goodricke College on the university’s campus expansion.
The university said the multi-million pound deal at the complex at Heslington East would allow it to further develop its estate.
Graham Gilbert, finance director of the University of York, said: “This is an important and, we believe, innovative transaction that has enabled us to liberate significant funds for the further development of our estate whilst allowing us to make a valuable investment in student accommodation.”
Law firm Dickinson Dees, which has a major office in York, introduced the joint venture partners and advised the university during the negotiations with Yorkshire-based Evans.
Alan Syers, portfolio director at Leeds-based Evans Property Group said: “We are very pleased to have established this joint venture arrangement with the University of York. As long term investors in property, we value our relationships with our partners.
“We expect that this innovative approach to the ownership and management of student accommodation will deliver long term benefits to both partners.”
Philip Ashworth, partner in charge of Dickinson Dees’ York office, said: “This is one of the most significant deals in York over the past 12 months. It enables the university to keep an interest in Goodricke College, whilst sharing the responsibility of ownership with one of the leading development and investment companies in the north of England.”
Mr Gilbert added: “We are looking forward to a profitable collaboration with Evans, our joint venture partner and have greatly enjoyed working with Dickinson Dees; they have handled the logistics of a complex transaction well and have provided us with sound and commercially informed support and advice throughout.”
Evans of Leeds was advised by Leeds law firm Pinsent Masons and property agent Ryden.
James Crookes, property partner at Pinsent Masons leading the transaction, said: “We are delighted to have been working once again with Evans. This innovative deal is a significant one for both parties and contributes to the ongoing development of the university.”
The new Goodricke College was officially opened in April 2010 by Prince Andrew. It features three accommodation blocks: Janet Baker Court, Kenneth Dixon Court and Oliver Sheldon Court.
The new buildings feature a mixture of standard and en-suite accommodation and a central ‘nucleus’ with large communal common rooms, a laundry and offices for staff. The new facilities double the college’s capacity.
